What's behind the debt?

loubie_lou

My reason is B@rclays Bank.

Letting me run up a 3k overdraft and £500 on a credit card.

Coupled with the fact that I was a stupid student at the time and wanted to maintain the lifestyle.

AND paying for a car that I wasn't using......

Christ, if I have kids then they are getting the value of money drummed into them :rotfl:

MummyDrusilla

Setting up home after moving out of university, a wedding/honeymoon, a new house at the peak of the market, cars and living beyond our means.

We've had the majority of our debt for a few years now and it's not got bigger (or smaller really). Then I had a baby, went on maternity leave and my employer only paid me 2 months of SMP. CCs and overdrafts came out to pay for food while I chased him and HMRC. So it was static for years and then got worse pretty quickly in the space of 12 months.

So over-spending, poor planning and lack of financial insight pretty much sums it up.

Naomim

Using a CC like it's my cash. Holidays (nothing exotic even!) cars, stuff for the house... I used to put petrol, shopping anything I wanted on them.
Oh and two lots of unplanned maternity leave & a 20 a day smoking habit.

I have nothing new, and I don't think I ever had a lifestyle friends would be envious of...

The sad thing is, I was always a bit of a money snob, becuase I wasnt into the £20-£30k of debt friends were in, ours was manageable. Now their debts are coming to an end with their DMP's and I'm still plowing away slowly but surely and far worse off than they are now.

Naomi x

PS - I am in NO WAY saying a DMP is an easy route and have watched my friends struggle and budget year by year. They have been an inspiration :T

Naomi

blacksta

I was a crap student - when it comes to finances

electrobix99

I spent too much on drink, blurays, more drink, clothes from allsaints, eating out, more drink, a flat that cost too much, buying other people drink and smoking 40 a day.

antonia1

Student overdraft (mostly socialising) plus loan taken out to afford to move for a job (took out extra "just in case" which then was spent on socialising), then deciding to keep up spending with colleagues (socialising) rather than paying any of it off. So mostly on going out eating and drinking, hence nothing to show for it except being a bit overweight!

Taadaa

Originally it was because l got pregnant and had to use a cc to live. But lve never been that good with my financial choi es. Never saved for a rainy day, it even the car tax. My spending is better than it was but only just making myself save regularly.

Shinona

I am just having my LBM and I never, never want to be in this position again. I have had to finally show dh exactly the extent of my credit card debt today and I could not be more ashamed of myself. I think I have had the same attitude as a lot of previous posters - too much credit, thinking it was under control, too much socialising and generally living well outwith my means but with nothing to show for it - it was just too many little things that I didn't need but bought anyway.

Taadaa

Shinona, don't feel too ashamed - this country's booming economy was built on debt. You weren't the only one to get it wrong. At least you've seen the light now.